The third round of negotiations between Sri Lanka and Thailand on the proposed Free Trade Agreement (FTA) came to an end with Sri Lanka agreeing to allocate a separate investment zone for Thai investors/partnerships.
K.J. Weerasinghe, Chief Negotiator at the International Trade Office of the Presidential Secretariat said the 27 member delegation from Thailand negotiated trade areas in goods, services, investments, rules of origin, custom cooperation, trade facilitation, and economic cooperation. The Thailand team was headed by Ms. Auramon Supthaweethum, Director General of the Department of Trade Negotiations.
“At the negotiations the significant trade imbalance in Thailand’s favor was discussed. In 2021, Sri Lanka imported goods from Thailand worth USD 355 million, but only sent USD 59 million to Thailand,” he said.
Sri Lanka aims at attracting exports not only to the Thai market but also in markets in other ASEAN countries through Thailand’s gateway and lowering current non-tariff trade obstacles to trade.
According to market potential assessments, Sri Lankan exports of precious stones, black tea, and other goods have a lot of promise in the region.
The National Trade Negotiating Committee (NTNC), whose members primarily represent the Ministries of Foreign Affairs, Trade, Commerce, and Food Security, the Department of Trade & Investment Policy of the Treasury, and the Department of Commerce took part in the negotiation.
During the first quarter of 2024, the government plans to put this agreement into operation, he said, adding that the NTNC will give the specific requests made by the regional business associations/chambers considerable consideration during the negotiations.
The Presidential Secretariat said the government’s objective is to enter the Regional Comprehensive Economic Partnership, which represents 30 percent of the global population and economy, will be advanced by this agreement.
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